1. Field of the Invention
Embodiments of the invention are related to methods for creating, managing, and processing electronic transactions. More specifically embodiments of the invention are related to methods and system for facilitating sharing of auction lots among a plurality of participants.
2. Description of the Related Art
Online auctions represent an enormous market, with billions spent on online auctions annually. Online auctions are particularly suited to connecting buyers and sellers that would not otherwise be able to find one another due to high transaction costs. For example, online auctions provide a convenient market for an individual to sell items longer needed and to find niche products that are difficult to find anywhere else. However, many sellers have trouble realizing the full value of their sale items in online auctions.
In some cases, a seller may not have the social or business networks needed to put the seller in touch with the most appropriate group of interested buyers, particularly for items in which only small groups of buyers may be interested. For example, some collectibles may have a great deal of value to a small group of collectors, but otherwise have much less value to the public at large. While an online auction provides a global marketplace for the auction item, that global marketplace is actually limited to active buyers who happen to visit the auction site during the duration of an auction. This may excludes many potential buyers who would be willing to place bids (and increase the sale price).
In other cases, the sellers do not have the background knowledge necessary to determine the market value of their auction items. This lack of expertise in the value of a given item, and the lack of exposure to potential buyers, often allows buyers to get great deals on otherwise valuable auction items, depriving sellers of a fair market value for items being sold.